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Monday, September 28, 2009

A Trial mortgage modification is when your lender/servicer puts you as a homeowner into a temporary Note Modification while they evaluate your paperwork to see if you qualify for a permanent Loan Restructuring. The temporary terms are usually for a period of three months. In general, the Loan payments should be less than what you are currently paying. Keep in mind that the trial Loan Workout terms will not be the same as the permanent Loan workout florida jumbo loan terms.

One thing that you have to be mindful of is during the trial period you must make all of your payments on time. This is a standard condition of the trial period, else they will deny your request for a Note Modification and you may find yourself in foreclosure soon.

These types of temporary Mortgage Adjustment programs are all a little different depending on the lender and what state you are in. So I will provide a few more tips for those that are being offered such programs and these are general guidelines only.

One of the key expectations is the homeowner will receive upfront trail Note Modification paperwork directly from the mortgage company outlining all the terms before ever making a trial payment. You will need to sign the trial papers and send that plus the first trial payment back to the mortgage company.

While the trial period is moving forward, the bank will fully evaluate your Loan Workout package to determine if you qualify. If you are working with an Attorney, the full Note Modification package would have been submitted to the servicer prior to the trial period. In these cases, the reputable Attorneys already know you will qualify and it is a matter of giving the lender time to evaluate everything.

For the most part, I think these trial periods are more of a stall tactic for the lender to get money from the TARP funds immediately instead of waiting for the permanent Mortgage Modification program. Remember the permanent program terms take 60 to 90 days, and the trial period begins soon after discussions with the note holder. This gives the servicer money upfront and more time to stall and commit to a Mortgage Modification. Of course, the bank are working in their best interest and not the homeowners.

If you have tried a Mortgage Adjustment on your own, usually the bank takes that information over the phone and later offers the trial Note Adjustment. If this is the case, the process above is not always followed. In most cases, the note holder have verbally qualified you bases on a phone conversation or partial paperwork sent over by the homeowner. I would be very leery of any verbal commitments by the financial institution, “buyers beware”.

Many times the homeowner never receives the upfront trial Note Adjustment paperwork and is only going on a verbal by someone in the bank. Then after the trial period, they never receive any Mortgage Restructuring documents and find their home being foreclosed on. This happens sometimes in part because the mortgage bank verbal qualifications did not match up with the paperwork sent over by the homeowner during the trial period.

Unfortunately, the mortgage banks are taking advantage of homeowners in this situation, in part because homeowners just don’t know what to expect or even demand. So, if this is happening to you, you know now what to ask for, and that is upfront trial Note Restructuring papers and final permanent papers.

If you are not getting these papers as described, then I say buyer beware. You can contact a Mortgage Workout Attorney at that point or just ride it out and see what happens. Just a quick note on the Mortgage Adjustment Attorney, the reputable ones are almost 100% successful with permanent workout programs after the trial period, so feel confident that you’re in good hands.

This is a Wachovia loan workout success story from Laguna Beach California. The client had been trying for months on her own to workout her own Lawyer Loan Adjustment with Wachovia.

She was 3 months behind on her mortgage and was in one of those original “pick a pay” florida hard money from World Savings at a rate of 6.875%. The “pick a pays” are not exactly the same as the Countrywide negative amortization programs. However, these are those programs that were looked down upon by many! They seemed to be the dirty word in the industry, but I think they were great for certain people because the interests rates were very low on some and allowed cash flow for those that needed it during tough times.

Anyway, my borrower did not qualify for Home Affordable Modification Program under the [/spin]Obama|Federal|Government[/spin] Lawyer Note Change because she owed $960,000 on her home at the time, which is a loan amount that is too high for the qualifying matrix of the program. As a side note, her original mortgage balance was lower, but with the Wachovia “pick a pay” note, she had paid the lowest loan payment which was always less than her interest, and thus her principal balance grew. She also had not paid her property taxes for the last two payments.

Since the real estate market was in a decline at the time, she found herself underwater in her note, meaning she owed more than her house was worth. At the time of the Wachovia Attorney Loan Workout, her property was worth $700,000 or so, not sure what it is worth right now.

She spent over 6 months fighting Wachovia and got nowhere but a denial and plenty of worry of course. By the way, Wachovia ranks at the bottom of the list as far as completing any type of work out programs for homeowners. So, my client finally reached out[spin] me with her story and decided to hire [spin]one of our Attorney to handle her case, as she really had no other option at that point if she wanted to keep her house. She did not want to bankruptcy if at all possible.

While the Attorney was handling her case, she changed jobs, which is always a concern as any change in the person's financial situation could impact the outcome of the Attorney Home Alteration. So, as a reminder to all, do your best to keep your financial situation the same, i.e. NO CHANGES, unless cleared by the Lawyer first!

Within three weeks of submitting the Attorney Mortgage Adjustment to Wachovia, our Attorneys had terms already modified. A principal write off of $120,000, forgiveness of the late payments, property taxes added on to the principal balance, and a 40 year fixed rate at 6.125% were the final terms.

This program has been a big advantage to first time home buyers (technically classified as anyone not having owned a home in the last 3 years) that had previously been on the fence wondering when the market was going to hit bottom.

With the recent Federal Reserve Treasury Secretaries announcement that the recession is nearly over, we think it’s wise to point out that this market has probably reached it’s bottom. There has been over a year for buyers to buy up some of the rock bottom priced foreclosed homes on the market. New construction has not even played a factor in the home market since late 2007.

Now the first time buyer incentive is ending as of December 1st of 2009. Since economic indicators are beginning to appear optimistic it is not likely that this program will be extended past the December ending.

This means that any persons looking to take advantage of the $8000 tax credit must close on their transaction before December 1st. Since it can take often 30 days for the loan process on Government loan programs, that means anyone looking to take advantage of the $8000 tax credit needs to be under contract by November 1st of 2009. That is only six weeks from now!

If you have been waiting for home prices to come down… we STRONGLY urge you to act now so that you can claim your $8000 tax credit this year! Time is running out very quickly.

Financing rates are still VERY low, below 5% today. If you have been looking at purchasing a home in the near future or know someone who has been, please have them act now to ensure they get their $8000 tax credit.

Since the President implemented loan modification company programs such as MHA, homeowners are still feeling the pinch of not being able to get their florida manufactured home loan or trial Attorney Workouts done by their banks. In addition, bank/server numbers are still not making the grade with the expectations of the Obama Administrations Attorney Modification expectations. note holders still need to step up to the plate and perform more successful Mortgage Modifications.

Just to give you an idea of what lenders have extended Mortgage Modifications or trial Loan Workouts here is a look at some statistics. Roughly over 40 financial companies have signed up for the Home Affordable Attorney Adjustment Program (HAMP), which is as we all know is a very small percentage of the note holders in the industry. Banks/services have signed up to modifying over a half a million mortgages by the end of September 2009, which is just a small dent in the large number of homeowners’ that qualify for a Note Adjustment.

The financial companies that have started the most trial Attorney Workouts include CitiMortgage. The banks/servicers that have started the least trial Loan Workout and are at the bottom of the list is Wachovia and others.

As you see from these statistics, servicers still have a long way to go in providing Loan Adjustment, especially when you have Bank of America that owns 45% of the note holders industry at the bottom of this list. Does this mean they own 45% of the loans in the Note Workout arena? If that is the case, then these statistics are just horrid for Bank of America.

There is small progress recently in the offering of trial Loan Workout, but read the fine print if you are trying to do the Attorney Modification yourself. A trial loan modification does not mean you are guaranteed a Mortgage Workout when the trial is done. Unfortunately, the trial Mortgage Workout paperwork that you receiving is deceiving and written in legalize. Too many times we get phone calls from homeowners that thought the trial Mortgage Workout meant they qualified for a permanent loan modification. The trial Attorney Modification only gives time for the bank/servicers to evaluate if you really qualify for a Mortgage Adjustment. In many cases, homeowners are denied in the end! Don’t let this happen to you.

To find out more about qualifying for a trial Note Adjustement, we recommend visiting a website where there is plenty of information to help you. Visiting an attorney based Loan Modification firm isa must for anyone looking for professional assistance with their Attorney Workout.

Many of these solutions offer money back guarantees. You want to ensure you are not taken advantage of during your time of need. This is why an attorney who has a duty to work in your best interest is the best way to go.

As the Obama california loan modification company programs are there to help homeowners with Note Adjustment either through Making Home Affordable or Home Affordable Mortgage Workout Program, there are things you as a homeowner need to know[spin].

First of all, the [spin]lenders are subsidized by our TARP money and encouraged to re-structure existing florida mortgage for homeowners. Many note holders are already partially owned by the government, for example the government owns 35% of Citibank to name one. So, it seems clear that the pressure is on the note holders systems to handle Mortgage Adjustment and turn our economy around as quickly as possible and with the support of government Note Workout programs.

Let’s be clear on the difference between a Note Workout and a refinance. A [spin]Mortgage Workout does not pay off your existing mortgage or look at credit to see if your credit is worthy or not. That means great credit or poor credit does not matter in the decision making of a Loan Adjustment. Many homeowners don’t realize that there are many benefits of a Note Renegotiation that they are otherwise not privy to if they did a refinance.

One of the first things to remember if you are starting to think about a Mortgage Modification is that you do not have to have equity in your home. If you have equity that is fine and if you don’t have equity that is fine to in qualifying for a Note Adjustment. In some cases, if you are significantly upside with your mortgage, a principal reduction may be necessary.

As with a refinance, you need two years of employment to qualify for a mortgage. This is not the case for a Note Modification. The length of employment is not a factor, or change in income, or gaps in employment. The only real factor is that you can prove your income to the servicers. The servicers also can use income of others that are living with you and these people do not have to be on title or on the loan. This is great news for someone needing a Note Modification and can use these other sources for qualify.

You also do not have to be in an adjustable interest rate mortgage to qualify for a Loan Workout or have an extremely high interest rate. There are several programs like Making Home Affordable or Home Affordable Loan Renegotiation Program that you may qualify under plus others. The quickest and easiest way to find out if you qualify for a Mortgage Modification, is to contact a professional that will qualify you for free. It is basically your time to collect paperwork and also fill out paperwork.

It is similar to a CPA doing your taxes, which is hiring a Note Adjustment Attorney to pre qualify you for a Mortgage Workout for free and offer 100% money back guarantee. The better Loan Workout Attorneys offer this service.

Monday, September 14, 2009

Many homeowners try to do a california attorney loan modification on their own and do not know how to fill out the California Mortgage Workout paperwork given to them by their creditor. When they do complete the California Loan Modification paperwork and submit it to their loan company they soon find out they are denied.

With the Obama California Note Adjustment Programs such as Home Affordable CA Loan Modification Program (HAMP) and Making Home Affordable (MHA), many homeowners want to take advantage of these monies that the government has set aside to encourage florida commercial loan to participate in California Loan Workout. As of July, statistics show that only 9 percent of those applying for California Mortgage Adjustment are actually getting the loan modification. Secondly, 10 creditor have not changed a thing and have not modified one mortgage!

As a homeowner, it is confusing as where is the help on the California Home Adjustment. Many homeowners are turning to California Mortgage Modification Attorneys, as they know that they are acting on their behalf and in their best interest to negotiate the best deal for a California Mortgage Modification. The California Loan Modification Attorneys put pressure on the banks to modify your loan and help you stop foreclosure and stay in your home. creditor are threatened by the California Loan Workout Attorneys because they know the ins and outs of how to get a California Loan Adjustment.

The California Home Workout process is frustrating and confusing for many homeowners trying to navigate their way through their note holder. Getting help with your CA Note Adjustment through a California Mortgage Workout attorney is the answer to save your home from foreclosure.

Have you been working on your own CA Loan Modification? If so, how is it going? Are you making progress? Are you running into any of the following scenarios from your loan company company?

• We Will Call You Back in 45 days, but you never get a call• Let me Transfer You to the Right Person• Please Hold!!!! (and you continue to hold forever)• Your transferred to Someone’s Voicemail!!• You reach a Very Unfriendly and Unhelpful servicer Employee!!!• Your told we never received your paperwork, please send it again for the 5th time.• Your denied your CA Mortgage Modificationwithin weeks without an explanation.• When Did You Send Your California Mortgage WorkoutPaperwork?• What Did You Send and what do you want?• You’re Not Behind On Your Mortgage Payments so We Can’t Help You!

We have the best CA Home Modification Attorneys that offer 100% money back guarantee to negotiate the best CA Mortgage Modification as they are Loan Modification Specialists with years of experience. Consider hiring a CA Mortgage Workout Attorney to handle your California Home Adjustment and rest assured you will be in excellent hands.

We have a very simple and secure CA Loan Modification request form that you can fill out and get nearly instant follow up from a compliant and trustworthy California Mortgage Workout. There is no obligation and no cost to find out if we are able to assist you in lowering your monthly mortgage payments through a CA Loan Adjustment, please go directly to our website to find out more at www.CallALMS.com. The best way to ensure the success of your California Loan Modification request with your current lender is to let an experienced CA Home Modification Attorney represent you.

Sunday, September 13, 2009

An appraisal is an important component of the home loan approval process

If you are shopping for a colorado stated loans to refinance a home or refinance your current mortgage, you may already know that a home appraisal is almost always required before a mortgage can be approved for a florida refinance. However, if you are like many other borrowers, you might not know about appraisals or why they’re are so required.

Appraisals have been a hot topic in recent months due to new rules that have changed how servicers and loan lenders orders appraisals for certain types of loans. The rules are spelled out in the Home Valuation Code of Conduct (HVCC), which became effective May 1, 2009.

What is the appraisal?

A property appraisal is an judgement of a property’s value prepared by a licensed real estate appraiser. Each property is unique, so the appraiser must rely on his experience together with the facts gathered about the neighborhood such as property sales prices of other comparable home to determine the value of a home. Appraisal are meant to be unbiased and free from the influence of anyone’s opinion of the home’s value. The new rules have placed greater restrictions on attempts to unduly influence appraisers.

Who pays for the appraisal?

Borrowers pay for a home appraisal upfront since the appraisal must be completed before the lenders will approve the mortgage. Under the new HVCC rules, borrowers who switch to a different servicers during the loan process, as sometimes happens, will most likely have to pay for another appraisal to satisfy the new loan providers approval requirements. Even though the borrower pays the appraiser’s fee through the loan providers, the appraiser typically is not an employee of the lenders. The main purpose of an appraisal is to help the lender assess the value of the property and decide whether to approve the loan. That’s why a new appraisal typically is required for a loan refinance as well as a home mortgage.

Is an appraisal the same as a home inspection?

Another common misconception is that a home purchase appraisal is the same as a home inspection. Appraisers do consider the condition of the home and may note any major problems.

There is no clear definition of a california mortgage modification company or how to go about getting a California Bank Adjustment. Homeowner’s trying to get a California Note Adjustment on their own are denied left in right by their lenders. The main reason being that they just don’t know how to complete the loan mod paperwork, and the lenders are not willing to help them or consult with them.

After being denied a California Note Adjustment, most homeowners then contact a California Note Modification Attorney. Just because you have been denied a California Mortgage Modification, does not mean that a CA Note Workout Attorney will not be successful with your new Loan Modification. In fact, our CA Note Modification Attorneys have been very successful working with homeowner in getting a California Note Modification after being denied by their bank because they tried to do it on their own.

Our CA Loan Workout Attorney’s negotiate on your behalf, so that your interests are represented to the fullest to counter the bank trying to represent their interests only. CA Mortgage Workout protect you as the Homeowner from losing your home and stopping a foreclosure. The extra leverage from the CA Loan Change Attorney benefits you as the homeowner to get better rates and loan modification terms then if you did it on your own.

Since there are no clear guidelines for a California Loan Modification, protect yourself as a homeowner and hire a California Mortgage Modification Attorney to help you with your California Mortgage Adjustment and save your home from foreclosure.

Our CA Bank Modification Attorneys first try to qualify you for Obama’s government programs like Make Home Affordable (MHA) or Home Affordable Modification Program (HAMP). If the homeowner is not able to qualify for those programs then the California Note Workout Attorney will work to qualify you for others.

Possible Results

- Stopping a foreclosure- Adjusting the length of the loan terms

In order to make the process as effective as possible, contact a California Attorney based CA Note Workout Company. As they have negotiators in place at the mortgage companies and have been doing CA Loan Change for years. These relationships that have been established are invaluable.

Obtaining a California Mortgage Workout from an attorney backed company is the way to ensure you will receive the best possible terms on your loan modification. This article is meant to help inform and educate only. One should obtain as much information as possible in order to make an informed decision about their situation.

Thursday, September 10, 2009

Last month House Banking Committee Chairman Barney Frank (D-Mass.) said modify my note programs may be helping more homeowners but they aren’t anywhere near the level they should be. These programs are coming in the form of the Obama’s Making Home Affordable (MHA) and HAMP, plus many more attorney mortgage modification options that are offered by the mortgage companies. In general, homeowners are very much in agreement with Barney Frank’s assessment about Loan Adjustment and Loan Modifications Programs.

Earlier this year, the “cramdown” legislation, passed the Senate but not the House. The “cramdown” permitted bankruptcy judges to Mortgage Adjustment primary home loans; basically it gave them the authority to force the credit unions to do a Note Modifications. The reason it didn’t pass the House is that mortgage lenders promised they’d take care of the problem and help families avoid foreclosure through Loan Modifications.

So far, mortgage companies are not taking care of the problem and are far from the Governments expectations of providing Note Workout to homeowners. Too many homeowners that should be qualifying for the Note Modifications are still being denied. mortgage companies such as Bank of America are at the top of the list for not meeting Government expectations on banks. Remember, these financial institutions received millions of dollars of Troubled Asset Relief Program (TARP) money or easier to say, tax payers tax money that was implemented during the Bush Administration!

Those in the credit unions industry must understand that if there are not a significant number of Loan Modifications to stop this problem that there is a strong argument to revive the bankruptcy “cramdown” legislation. It seems extremely strong that the way the servicers are handle Loan Adjustment that it is not sufficient enough to handle the current problem. It will surely strengthen the comeback of the “cramdown” legislation and this time it would probably pass.

Last month many cities hits double digit marks for unemployment. This can only follow with elevating homes needing Loan Modifications to avoid foreclosure as unemployment correlates to the number of foreclosures.

In addition, seniors close to retirement have found that their retirement is gone, lost by Wall Street. Or they had to borrower from retirement to pay their mortgage because they couldn’t get a Note Adjustment. Some have even borrowed money from their credit cards and have racked up a significant amount of debt to just pay their mortgage.

Some homeowners have filed for bankruptcy to relieve themselves of all debt but their home loan so that they can qualify for a Loan Adjustment. If you plan on doing this make sure your Attorney carves the home out of the bankruptcy and that it is written clearly in the paperwork. In general, you will need that specific information from the Bankruptcy Attorney in order to qualify for a Mortgage Workout. Consulting with a Loan Modification Attorney and having them handle your loan modification would be the best bet to get your Mortgage Adjustment done correctly.

Tuesday, September 8, 2009

Why do we keep hearing in the news every day that the economy is making forward progress when one minute we are bailing out the lenders and several months later they are proclaiming 41% profits like Wells Fargo. Then we hear that bonuses to these mortgage companys executives are about to be paid, when homeowners are still struggling to get a loan modification affiliate.

Then when you talk to the homeowner, they can’t seem to get a loan mod from their lenders, are losing jobs, are upside on their Loan, and can’t afford their mortgage payment anymore. I assume these wonderful profits that the mortgage holders are making are going to the executives and not towards loan modifications or Mortgage work out programs to help people save their homes.

Homeowners are raping their retirement to just make a Loan payment to stay in their home. They call their mortgage companys constantly asking to qualify for Obama’s Making Home Affordable or even HAMP, or heck why not any other Loan Adjustements Program.

Time and time again, more than not, the homeowner is transferred to another resource in the bank, disconnected, or just lost in the maze and not helped with a Loan Workout by their bank/loan servicer. It took an act Congress to just define Making Home Affordable (MHA) and other Loan Modifications programs. Now it is taking an act of congress to actually get a Loan Modification under HAMP or Making Home Affordable.

As foreclosures continue to rise and more people are losing jobs, the reality of our economy coming from Walls Street is not the reality of the economy coming from Main Street. A huge majority of Americans are behind on their Note, can’t afford their Mortgage payments, and have credit card debt is increasing at an alarming rate.

The major concern is that when homeowners call their lenders they are told they have to be late on their mortgage to qualify for Obama’s Making Home Affordable. They are also told that they cannot have any equity in their homes to qualify for this type of Mortgage Workout. Both of these statements are not true; as the lenders are suppose to provide a Mortgage Adjustements under these situations. It is just one more lie and one more way the servicers are not qualifying homeowners when they should. It appears to be like one more excuse.

If a homeowner doing a Loan Adjustements on their own is actually lucky to make any progress on their own, then the financial companies takes their time completing the Loan Adjustements. There are stories that homeowners are waiting 9 and 12 months for a Mortgage Adjustements.What is going here! The best way homeowners are getting help is thru Attorney Loan Workout, as the Attorney’s are putting pressure on the mortgage holders to modify home Mortgage and stop foreclosures. This process should not be so difficult; at least the Attorneys are successful with the Mortgage Workout. If you are at your last straw, check with an Attorney Loan Workout Company that offers 100% money back guarantee for help.

Monday, September 7, 2009

As Every Day Citizens are trying to get their loan workout either on their own or by an affiliate loan modification Company it seems like many banks are just short on staff and also short on knowledgeable staff. The wait period for a Loan Modification and qualifying for any of the programs or even HAMP seems to be lengthy. The typically loan modification as far as when final terms are actually inked and sent to the American Homeowner can take anywhere from 60 to 90 days.

It seems like some of the largest lien holder are trying to add staffs to handle the ongoing wave of defaulting mortgages and help the homeowner save their home and stop foreclosure. As the lenders are seeing increased requests to amend their loan terms and to get a Loan Modification, it is only the hope of the American Citizens that the banks respond quicker.

Many American Homeowner are asking the question, why didn’t servicers staff up quicker as they knew they had this problem, else they would not have needed the bail out money or TARP money. They knew they have toxic or troubled assets and also received billions of dollars to handle them almost a year ago. Yet the American people saw lay off after lay off in the banking industry. Then they saw lenders showing records profits like Wells Fargo showing a 41% profit.

Bank of America only opened three offices in Southern California to handle Attorney Loan Modification and loan work outs for its clients but none in San Diego. Remember lien holder of America bought Countrywide and now owns almost 45% of the bank business in the United States. We as the US Citizens have to wonder why they could only open three offices and not one in San Diego. We have to also wonder why they are not meeting government expectations on modifying loans for homeowners. Their Attorney Loan Workout rate is extremely low.

JPMorgan Chase Bank, which acquired two large mortgage banks, including Washington Mutual, opened five offices in Southern California, to handle Attorney Loan Workout and loan work out programs. These numbers are appalling when we see a Bank of America or x-Countrywide building in every city if not several in every city.

The success rate for these Loan Modification and work out programs is less then acceptable by the American Tax Payers and also not acceptable by the Government. It is it up to the lenders to lend the money that was given to them by the tax payers to provide loan modifications and loan work out programs for struggling US Mortgage Holders to stay in their homes

The Every Day Mortgage Holders and the Government is seeing very clearly that each lenders is doing what they want to, which means if they feel like Attorney Mortgage Workout they are Loan Workout and if they don’t feel like modifying a loan they just don’t. Some servicers are telling a client they don’t qualify for HAMP because of LTV issues, well that is not correct as there are no LTV guidelines for HAMP.

So, in summary banks are doing it their own way, like they did when they gave American’s the home loan that they are in today. They are complicating the process and taking advantage again of the American Citizens that just wants to live the American Dream and own their own home.